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Electrification of a vehicle is considered as one of the best way to reduce carbon emission, increase vehicle efficiency and reduce dependency over oil. Vehicle electrification generates new opportunities for consumer engagement along with various environmental and economic benefits. We can replace various hydraulic or mechanical systems with electric systems: hydraulic power steering with electric power steering and mechanical or hydraulic pumps with electric pumps. The air conditioner in a vehicle can.

Vehicle Electrification Market: Drivers & Restraints

Increasing prices of conventional fuels, growth in the sales of electric vehicles will enhance the growth of vehicle electrification. Growing demand for fuel efficient vehicles, stringent emission norm along with increasing environmental awareness among the consumer are also expected to fuel the growth of vehicle electrification market. Governments of various countries such as US are actively supporting vehicle electrification by providing tax exemption and subsidies.

On the basis of product type, vehicle electrification market is broadly segmented as:

Start–Stop System

Electric Power Steering (EPS)

Liquid Heater PTC

Electric Air-Conditioner Compressor

Electric Vacuum Pump

Electric Oil Pump

Electric Water Pump

Thermoelectric Generator

Electric Turbocharger

On the basis of vehicle type, the market is segmented into:

Passenger Car

Light Commercial Vehicle

Heavy Commercial Vehicle

Two – Wheeler

Vehicle electrification market is segmented on the basis of degree of hybridizationas:

Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle

Hybrid Electric Vehicle (HEV)

Plug-In Hybrid Electric Vehicle (PHEV)

Battery Electric Vehicle (Bev) & Fuel Cell Electric Vehicle (FCEV)

In addition, report also includes segmentation on the basis of channel type:

OEMs

Aftermarket

Vehicle Electrification Market: Region – Wise Outlook

Asia – Pacific region owing to the fast growing automotive industry in developing countries such as India, China and South Korea is expected to show a significant growth in the vehicle electrification market. Strict laws in Western & Eastern Europe for vehicle efficiency will drive the vehicle electrification market in this region. North America is also anticipated to a moderate growth with credits to the strong fuel efficiency norms and support from government in the region. With rapid technological advancement and growing automobile industry, vehicle electrification market is expected to increase at a double CAGR during the forecast period.